ACME Solar, a key player in renewable energy, will open its initial public offering (IPO) on Wednesday with a price band set between Rs 275 and Rs 289 per equity share, each valued at Rs 2. The IPO will close on Friday, November 8, 2024. Investors can place bids starting at 51 shares, with increments in multiples of 51 shares.

The offering includes a fresh issue worth up to Rs 23.95 billion and an offer for sale of up to Rs 5.05 billion by ACME Cleantech Solutions. Proceeds from the fresh issue will allocate Rs 17.95 billion to subsidiaries for repayment or partial prepayment of outstanding debts and for general corporate needs.

Founded in 2015, ACME Solar consolidates the ACME Group’s renewable energy ventures, developing, constructing, and managing large-scale renewable projects. The company earns revenue by selling electricity to government-backed entities at both state and central levels.

As of June 30, 2024, ACME operates 28 projects, with 85.07% of its capacity concentrated in Andhra Pradesh, Rajasthan, and Telangana. The company posted a consolidated revenue of Rs 13.19 billion in FY24, marking a turnaround to a profit of Rs 6.97 billion, compared to a loss in FY23. For Q1 FY24, revenue was Rs 3.09 billion with a profit of Rs 13.9 million.

Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors are serving as the lead managers, with KFin Technologies as the registrar for the IPO. (ET)